Agenda item

Report of the Chamberlain.

Governors considered a report of the Chamberlain presenting the draft Annual Report and Financial Statements 2020/21 of the School’s charity, The City of London School for Girls Bursary Fund Incorporating the City of London School for Girls Scholarships and Prizes Fund and the following points were made:

·         During the year ended 31 March 2021 total funds within the School’s charity had increased by £903,217. This favourable movement comprised a net gain on investments of £813,311, voluntary income of £759,979, and investment income of £175,599.  The increase in funds had been partly offset by expenditure on charitable activities of £845,672 in awarding 53 bursaries and 25 prizes.  There had been no costs relating to fundraising during the 2020/21 financial year.  The School’s External Auditor, BDO LLP would be commencing its audit of the draft Annual Report and Financial Statements in mid-September 2021. Once this work was completed, the accounts would be submitted to the Finance Committee of the City of London Corporation for approval on behalf of the Court of Common Council.

·         A Governor noted that the total funds held in the School’s charity was approximately £4.8M.  The Governor suggested that consideration be given to investing a greater proportion of the funds held as surplus cash into the City of London Charities Pool to maximise investment income, and was concerned at possible delays to investment due to the quarterly meeting schedule of the Finance and Estates Committee.  The Group Accountant advised that investments and disinvestments to the City of London Charities Pool could only be made on 1 April and 1 October each year and that a recommendation would be made to Governor at these times where surplus funds had been identified.  Another Governor observed that the value of investments could reduce as well as increase and was pleased to note the increased value of the total funds in what was a difficult economic climate.

RESOLVED, that the draft Annual Report and Financial Statements 2020/21 of the School’s charity be received.